The offering was made outside the United States in accordance with Regulation S of the U.S. Securities Act. The terms of the notes permit them to qualify as Tier-2 capital for the purposes of Bermuda regulatory requirements and, potentially, those of the other regulatory requirements, including the EU Solvency II Directive.

The offering closed on September 22, 2017, and the notes were admitted to the official list and to trading on the regulated market of the Irish Stock Exchange on the same date.

Sirius provides treaty and facultative reinsurance products, as well as primary direct insurance products for property, accident and health, aviation and space, trade credit, marine, agriculture and certain other exposures on a worldwide basis through its subsidiaries. Sirius also specialises in the acquisition and management of runoff insurance and reinsurance companies, both in the United States and internationally. Sirius wrote $1.3 billion and $1.2 billion in gross written premiums and $938 million and $848 million in net written premiums in 2016 and 2015, respectively.